Starting to question Myfico

Ok, I'm having a hard time understanding and now be leaving in Myfico ..how do I go from a 651 to 626 after paing my utility down from 72% to 30% and getting a 61/2 year old baddie dropped off my report?

This score decrease may be caused by these 4 new reasons:

You have a short credit history.

You've made heavy use of your available revolving credit.

You have not established a long revolving credit history.

You've recently been looking for credit.

# 1 the past few alerts haven't said this, why all of a sudden does it state short credit history, it's been 5 months since I opened my first 2 cards.

# 2 I just paid it down to 30% from 72%

# 3 it gets longer and longer each month. Granted 5 months ain'tlong but why throw this at me now?

# 4 haven't append for a card in 5 months and that's my only 2 I have.

Re: Starting to question Myfico

Ok, I'm having a hard time understanding and now be leaving in Myfico ..how do I go from a 651 to 626 after paing my utility down from 72% to 30% and getting a 61/2 year old baddie dropped off my report?

This score decrease may be caused by these 4 new reasons:

You have a short credit history.

You've made heavy use of your available revolving credit.

You have not established a long revolving credit history.

You've recently been looking for credit.

# 1 the past few alerts haven't said this, why all of a sudden does it state short credit history, it's been 5 months since I opened my first 2 cards.

# 2 I just paid it down to 30% from 72%

# 3 it gets longer and longer each month. Granted 5 months ain'tlong but why throw this at me now?

# 4 haven't append for a card in 5 months and that's my only 2 I have.

Again I'm starting to question this site. Can anyone share some info?

Was the baddie a CA or an OC? If an OC, what was the open date on that account and what's your AAoA after the change?

Why did the account drop? Was it due to a dispute, or did it ever have a dispute comment on it?

Congrats on paying down debt! Were any of the CCs that you paid off closed?

This looks like it came from a SW alert. Have you pulled EQ since this score alert? And did this alert come this weekend?

Re: Starting to question Myfico

The collection I had dropped was a old 61/2 year T Mobile from a CA, it had a $0 balance but after sending 2 DV letters with no response I called them to ask if they were stupid for not responding since I live in Tx and they said to dispute with the CB's since they no longer do T Mobile's collections and they won't reply to them as well causing it to drop, which it did last week.

I haven't checked the AAoA yet.

The 2 credit cards I paid down are not closed, I owe $42 on my Cap1 and $140 on my other (was $176 and $230) and paid down my Macy's from $180 to $100.

Yes this was a SW alert and no I have not pulled my EQ since I got the alert about a hour ago...I was waiting till my Cap1 and other 2 reported before I spent the $$$ to pull it.

Is SW something I should trust as far as my score or do I need to spend the $ and do the pull with EQ to get the real deal?

Re: Starting to question Myfico

Ok, I'm having a hard time understanding and now be leaving in Myfico ..how do I go from a 651 to 626 after paing my utility down from 72% to 30% and getting a 61/2 year old baddie dropped off my report?

This score decrease may be caused by these 4 new reasons:

You have a short credit history.

You've made heavy use of your available revolving credit.

You have not established a long revolving credit history.

You've recently been looking for credit.

# 1 the past few alerts haven't said this, why all of a sudden does it state short credit history, it's been 5 months since I opened my first 2 cards.

# 2 I just paid it down to 30% from 72%

# 3 it gets longer and longer each month. Granted 5 months ain'tlong but why throw this at me now?

# 4 haven't append for a card in 5 months and that's my only 2 I have.

Again I'm starting to question this site. Can anyone share some info?

Well 5 months is a short time, no matter how you look at it. It possibly didn't show up before because the collection and utility were your primary reasons for a low score. Remember that your FICO score is only a snapshot of how your file looks at a particular moment. Continue paying down your balances and let your cards age and your score will gradually increase.

The score you get from EQ website most likely won't be your FICO score. And if you do pay for your FICO score there, it should match what is here.

Re: Starting to question Myfico

You had a collection account that was 6.5 years old, paid that was taken off, so you AAOA probably went down to 5 months. Thus dropping your score. Sometimes its best to leave paid accounts alone if they are older than the rest of your accounts. Nice to get a negative off your report, but when older accounts disappear, then the AAOA also goes down. Anyone else feel free to speak up?

Re: Starting to question Myfico

1. You are paying down balances thereby lowering util- 30% is better than 70% to be certain. However 30% is still considered "heavy" usage. FICO won't lower your score as much for 30 percent as it will for 70% but if you take those balances down to below 9% you will enter an area of util that FICO likes a lot.

2. Losing a 6.5 year old account from your AAoA when your next oldest is 5 months, will drastically change your score. 6.5 years is not long by FICO standards to start with. 18 years is long. 5 months is a newborn to FICO.

3. The windows for AAoA are 6 months, 18 months, 2 years 6 months, 3 years and 1 month and upward in chunks from there. Right now you have AAoA of 5 months. Down from probably 4 years would be my guess. (Remember its Average age of accounts)

The key here is don't get disenchanted thinking its MyFICO. You can pull other scores from other monitoring businesses but they are not FICO scores. Essentially most of those places will try to tell you what you want to hear instead of what the real picture is.

My score on Credit Karma this morning was 735. I still have three cards which need to report and all of them were at 90% util before I paid them off last week. When they report, my score will increase to be sure because I paid them all the way off and will only have a balance of less than 5% reporting on just one of my cards. The rest are paid to 0. So I know that my score on Credit Karma is bogus.

I ran the MyFICO simulator earlier today and subtracted the balances which will report in a couple weeks from my current balance total and it told me that my score will jump to 749-799. I call BS on that because I know that my AAoA is not going to be enough to push me that close to 800. Its nice to look at that number but its not one I will see just yet.

Don't get discouraged. You are on the right track and BELIEVE me a mid range 600 score with NO baddies is better than a low range 700 with baddies.

I hope this helps and I don't mean to sound harsh if it does come off that way. FICO scores can make us all pull our hair out, but you are doing good by paying down those balances. Before long you will see the rewards in a more tangible and intense manner.

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